Isn't That Rich Podcast

Ever wonder how much it truly costs to be you? We did too! Join us on a witty, enlightening journey as we, Jill Franks and Ashley McVicker, tracked our spending for a month and uncovered some surprising insights.

Taking Control of Finances

Tracking your expenses might sound tedious, but it's a game-changer. Many feel out of control with their finances, often overwhelmed by credit card bills and unexpected expenses. But by simply keeping tabs on where your money goes, you can make informed decisions and cut unnecessary spending. It’s empowering to know where your money is flowing and ensuring it aligns with what you value most.

Our Spending Patterns Revealed

We embarked on this challenge with full transparency. We didn’t change our spending habits but documented every penny spent. And yes, we felt a bit exposed and vulnerable sharing it, but that's the beauty of it – honesty leads to growth.

Jill’s Grocery Adventures

Jill’s grocery bill was a jaw-dropping $428 at Sam's Club. Yes, $428! With items like $25 laundry detergent, $40 Keurig pods, and $50 on steaks, it was an eye-opener. Adding two Kroger trips for $250 and a delightful $166 splurge at Trader Joe’s, her total grocery bill hit $848. Talk about a wake-up call!

Ashley’s Dining Dilemma

Ashley spent a whopping $382 on restaurants and fast food. Frequent visits to McDonald's, Starbucks, Jimmy John's, and her favorite Mexican spots added up quickly. Though dining out brings joy and social connection, it’s essential to strike a balance.

Clothing and Personal Spending

Jill went on an online shopping spree, spending $1,267 but returned almost everything, keeping only $59 worth of items. Her habit of shopping and returning might seem extreme, but it ensures she only keeps what she truly loves. Ashley, on the other hand, spent zero on clothes this month, preferring to invest in discounted finds at Dillard's.

Subscriptions and Bills

Subscriptions can be sneaky little money-eaters. Jill's subscriptions, including Hulu, Spotify, Netflix, Apple TV, and multiple gym memberships, totaled a substantial amount. Combined with other bills like the Peloton subscription and yoga classes, it’s clear that small recurring costs add up.

Gifts, Charitable Giving, and Travel

Jill’s charitable giving and gift expenses were $1,500, driven by high school fundraisers for family and a special birthday gift for her grandma. Meanwhile, travel costs, including flights, car rentals, and airport parking, added another $2,200. Ashley didn’t have as many extra expenses but acknowledged the future expenses tied to building her new home.

Lessons Learned and Moving Forward

Tracking expenses opened our eyes to where our money really goes. For Jill, groceries and bulk purchases were eye-openers, while Ashley realized she could cut down on dining out. Moving forward, we’re excited to implement the 50-30-20 budget, categorizing needs, wants, and savings to better manage our finances.

Final Thoughts

This exercise wasn’t just about numbers; it was about understanding ourselves and our values. It’s about making sure our spending aligns with what truly matters to us. We encourage everyone to try tracking their spending for a month. You might be surprised at what you discover and how it can help you live a more financially aware and fulfilling life.

Ready to Take Control?

If you're inspired by our journey, start tracking your spending today. Discover your spending habits, cut out the unnecessary, and allocate your money where it truly matters. Let’s navigate this financial journey together, making informed decisions that lead to a richer, more fulfilling life.